All pre-existing Huawei Huawei equipment must not be in the U.K's 5G network by the end of 2027.
Washington had always been pressing for such a step, and is still calling on other European countries to make similar moves.
The US secretary of State Mike Pompeo announced that Washington would restrict US visas for employees of Huawei and other Chinese firms if they were involved in human rights abuses.
At times Trump has been critical of China, including on trade and the Chinese government's handling of the coronavirus pandemic, which originated in Wuhan.
"This once again confirms that the decision to ban Huawei is not about national security, but rather excessive political manipulation", stated Hua Chunying.
He said the move would delay the country's 5G rollout by a year and the cumulative cost, when coupled with earlier restrictions announced against Huawei, would be up to £2bn.
"You saw the decision they made to ban some several dozen Chinese software firms from operating inside of their country on the phones of people operating inside of India", he said.
Pompeo also said telecommunications companies around the world "should consider themselves on notice" that if they do business with Huawei, "they are doing business with human rights abusers".
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Asked about Pompeo's remarks, a Huawei spokeswoman said: "We are looking into this and will share the statement once we have one".
Britain, on the other hand, denied that Trump alone was responsible for the Huawei ban.
Mr Hancock said: "We all know Donald Trump, don't we?"
"It has become questionable whether the United Kingdom can provide an open, fair and non-discriminatory business environment for companies from other countries, " Liu tweeted.
"Now I would even say this is not only disappointing - this is disheartening", Ambassador Liu Xiaoming told the Centre for European Reform, adding that Britain had "simply dumped this company".
The decision came after the UK's National Cyber Security Centre (NCSC) warned that highly restrictive U.S. sanctions meant the security of Huawei's equipment could not be guaranteed.
Analysts say that London's recoil from the prior stance could fetter Britain's plans in staying competitive in the hyper-connected and hyper-broadband world, and cautioned that the political decision could have deeper implications to the global and United Kingdom economy.
She added: "This is about China facing a major threat in its investment security in the United Kingdom and our confidence whether the United Kingdom market can maintain openness, fairness and non-discriminatory".
The U.K. decision was a big win for the Trump administration, which has sought to firewall Huawei from networks around the world while putting intense pressure on its closest ally to make such a move.